Surety bonds provide a guarantee of performance and principles of various objectives and duties. Bankers offers two types of surety bonds:
- Construction Contract Bonds provide financial and performance assurance that building and other construction projects will be completed on time, within budgets and in accordance with plans, specifications, and contract terms. These bonds also guarantee that certain subcontractors, laborers, and material suppliers will be paid so that the project is completed free of all liens. Contract bonds include various types: bid, performance, payment/supply, subdivision and maintenance.
- Commercial Bonds are a classification of bonds that refers to all bonds other than construction contract. Commercial bonds cover obligations typically required by law guaranteeing adherence with applicable codes, statutes, court orders and regulations. Each bond is unique to the circumstances at hand. Examples of commercial bonds include: court, judicial, license/permit and miscellaneous.
For further information, please visit bankerssurety.com